be held as security and liable for all losses occurring upon policies of such corporation after such conflagration or conflagrations. If any amount greater than a sum equal to the minimum amount of capital required by law to be maintained by fire insurance companies admitted to do business in this state shall, by such corporation, under the provisions of the two preceding sections, have been deposited, as aforesaid, with the insurance commissioner, he shall retain of such securities a sum equal to one-half of the amount he shall so hold thereof in excess of such minimum amount of capital, and transfer the balance thereof to the corporation as herein provided. The amount so transferred to the corporation shall, from the time of such transfer, if not less than two hundred thousand dollars, constitute the capital stock of the corporation for the further conduct of its business as herein before provided. The sum so retained by the insurance commissioner shall thenceforth constitute the special reserve fund of the corporation, to which additions may be made as herein provided, and shall be held in the same manner, for the same purposes and under the same conditions as the original special reserve fund of the corporation was held. The corporation shall in an annual statement to the insurance commissioner set forth the amount of such special reserve fund and of its guaranty surplus fund. If guaranty surplus fund reduced. If in consequence of the payment of losses by fires, or of the expenses of the business, or of the interest payable under the provisions hereof to stockholders, or from any cause, the guaranty surplus fund shall be reduced in amount below the amount of the special reserve fund, the directors of the corporation shall have the right, at their option, at the time of making any division of the net profits as herein provided, to carry a larger sum to the guaranty surplus fund than to the special reserve fund; but this privilege shall cease when the two funds are made equal in amount. The policy registers, insurance maps, books of record and other books in actual use by the corporation in its business, are not to be considered as assets, but shall be held by it for its use in the protection of its policyholders not claimants for losses at the time of such general conflagration. If capital impaired. If after the accumulation of such special reserve fund, it shall appear upon examination by the insurance commissioner that the capital of the corporation has, in the absence of any such extensive conflagration, become impaired, he shall order a call upon the stockholders to make up such impairment, and the board of directors may either comply with such order and require the necessary payments of the stockholders, or, at their option, they may apply for that purpose so much of such special reserve fund as will make such impairment good. Limitation on single risk. No corporation doing business under this and the two preceding sections shall insure any larger amount upon any single risk than is permitted by law to a corporation possessing the same amount of capital irrespective of the funds herein before provided for. [Amendment approved May 2, 1923. Stats. 1923, p. 179.] § 4. Discontinuance of guaranty surplus fund and special reserve fund. Effect. Return of fund. Return of excess deposit. Any domestic fire insurance corporation which has heretofore established a guaranty surplus fund and special reserve fund may, at a regular meeting of its board of directors, adopt a resolution declaring its desire and intention to discontinue such funds and to cease to do business under and in pursuance of the act of which this is amendatory, and file a certified copy of such resolution with the insurance commissioner. Upon the adoption and filing of such resolution, all rights of such corporation to withhold such special reserve fund from its general creditors shall be terminated and the corporation shall discontinue printing its policies or renewals the notice provided for in sections one and two of said act, and thereafter the provisions of said act shall cease to apply to such corporation; provided, that the special reserve fund and guaranty surplus fund of such corporation shall continue to be held and invested as provided in said sections, but only for the purpose of assuring to the holders of policies at the time such resolution is filed with the insurance commissioner such rights and privileges as may inure to them under said act. Return of fund. At the expiration of five years after the adoption and filing of such resolution by any such corporation, the special reserve fund shall be reduced to an amount equal to the unearned premium upon and all losses incurred and unpaid under any remaining policies which were outstanding at the time of the adoption and filing of such resolution; and the excess of the special reserve fund above such amount shall be returned by the insurance commissioner to such corporation; and when all liabilities under policies which were outstanding at the time of the adoption and filing of such resolution shall have terminated by expiration, cancellation, or otherwise, the entire balance of such special reserve fund shall be returned to such corporation. Return of excess deposit. If any corporation shall at any time have deposited with the commissioner of insurance under the provisions of this act, a sum in excess of the minimum amount of said special reserve fund herein required to be deposited by such corporation, the commissioner of insurance, upon request of such corporation evidenced by certified copy of a resolution of the board of directors thereof, shall return to such corporation such excess, or the portion thereof, requested to be so returned. [New section enacted May 2, 1923. Stats. 1923, p. 181.] ACT 3745. An act authorizing the governor to appoint a commission to investigate and advise the legislature concerning the adoption of a system of social insurance, and to make a report to the forty-third session of the legislature and making an appropriation therefor. [Approved May 14, 1917. Stats. 1917, p. 468. In effect July 27, 1917.] This act provided for a commission of seven persons. It was repealed in 1921 (Stats 1921, p. 1054). TITLE 276. ACT 3755. An act fixing the rates of interest and charges on loans upon chattel mortgages on certain personal property, and prescribing penalties for the violation of the act. [Approved March 20, 1905. Stats. 1905, p. 422.] Unconstitutional: Sohncke, In re, 148 Cal. 262. Compare Act 1731, ante. АСТ 3756. To regulate the interest of money. [Stats. 1850, p. 92.] Amended 1867-68, p. 553; 1869-70, p. 669. Superseded by Civil Code, §§ 1917-1920. АСТ 3757. An act, to be known as the usury law, relating to the rate of interest which may be charged for the loan or forbearance of money, goods or things in actions, or on accounts after demand, or on judgments, providing penalties for the violation of the provisions hereof, and repealing sections one thousand nine hundred seventeen, one thousand nine hundred eighteen, one thousand nine hundred nineteen, and one thousand nine hundred twenty of the Civil Code and all acts and parts of acts in conflict with this act. This act was an initiative measure submitted and approved at the general election November 5, 1918. See Stats. 1919, lxxxiii. § 1. Legal rate of interest. Contract rate. § 2. Limit on rate of interest that can be charged. § 3. § 4. Rights of persons paying illegal interest. Penalty for charging illegal interest. Repeal of Civil Code sections relating to interest. § 5. Title of act. § 1. Legal rate of interest. Contract rate. The rate of interest upon the loan or forbearance of any money, goods or things in action or on accounts after demand or judgments rendered in any court of this state, shall be seven dollars upon the one hundred dollars for one year and at that rate for a greater or less sum or for a longer or a shorter time; but it shall be competent for parties to contract for the payment and receipt of a rate of interest not exceeding twelve dollars on the one hundred dollars for one year and not exceeding that rate for a greater or less sum or for a longer or shorter time, in which case such rate exceeding seven dollars on one hundred dollars shall be clearly expressed in writing. § 2. Limit on rate of interest that can be charged. No person, company, association or corporation shall directly or indirectly take or receive in money, goods or things in action, or in any other manner whatsoever, any greater sum or any greater value for the loan or forbearance of money, goods or things in action than at the rate of twelve dollars upon one hundred dollars for one year; and in the computation of interest upon any bond, note, or other instrument or agreement, interest shall not be compounded, nor shall the interest thereon be construed to bear interest unless an agreement to that effect is clearly expressed in writing and signed by the party to be charged therewith. Any agreement or contract of any nature in conflict with the provisions of this section shall be null and void as to any agreement or stipulation therein contained to pay interest and no action at law to recover interest in any sum shall be maintained and the debt cannot be declared due until the full period of time it was contracted for has elapsed. § 3. Rights of person paying illegal interest. Every person, company, association or corporation, who for any loan or forbearance of money, goods or things in action shall have paid or delivered any greater sum or value than is allowed to be received under the preceding sections, one and two, may either in person or his or its personal representative, recover in an action at law against the person, company, association or corporation who shall have taken or received the same, or his or its personal representative, treble the amount of the money so paid or value delivered in violation of said sections, providing such action shall be brought within one year after such payment or delivery. Penalty for charging illegal interest. And any person, company, association or corporation, who shall ask, demand, receive, take, accept or charge more than twelve per centum per annum upon the sum of money actually loaned for the forbearance, use or loan thereof, when the repayment of the money loaned shall be secured by a mortgage, trust deed, bill of sale, assignment, pledge, receipt or other evidence of debt, except corporation bonds, and municipal and other public bonds, upon property, real or personal or by assignment of wages, or ask, demand, receive, take, accept or charge more than an amount equal to five per cent so actually loaned and secured in all sums of one thousand dollars or less, and three per cent on all sums over one thousand dollars in full for all examinations, views, fees, appraisals, commissions, renewals made within one year from date of loan and charges of any kind or description whatsoever, except abstracts or certificates of title charges made under the Torrens land law or otherwise, in the procuring, making and transacting of the business connected with such loans, or who shall ask, demand, receive, take, accept or charge any fee, bonus or commission whatsoever for the use or loan or the procuring of such loan of any sum of money for a shorter period than six months when said loan is not secured by a mortgage or pledge upon real estate, or shall violate the provisions of sections one and two of this act, shall be guilty of a misdemeanor and upon conviction thereof shall be punished for the first offense by a fine of not less than twenty-five dollars nor more than three hundred dollars, or by imprisonment not more than six months, or by both such fine and imprisonment, and for each subsequent offense and conviction shall be punished by a fine not less than one hundred dollars nor more than five hundred dollars and by impris onment not less than six months nor more than one year. The penalties herein provided for the violation of this section and said sections one and two shall apply to and be imposed upon each member of any unincorporated company, association, or of any copartnership and upon each officer and director of a corporation who shall violate either of said sections. § 4. Repeal of Civil Code sections relating to interest. Sections one thousand nine hundred seventeen, one thousand nine hundred eighteen, one thousand nine hundred nineteen and one thousand nine hundred twenty of the Civil Code and all acts and parts of acts in conflict with this act are hereby repealed. § 5. Title of act. This act whenever cited, referred to, or amended may be designated simply as the "usury law." ACT 3767. TITLE 277. In relation to interpreters before grand jury. [Stats. 1871-72, p. 540.] Codified by § 925 of Penal Code. See Penal Code, § 925, note. ACT 3768. To authorize the appointment of an interpreter of the Italian language in cities of one hundred thousand inhabitants. [Stats. 1885, p. 108.] Amended 1895, p. 37. Codified by Amendment of Penal Code 1905. See note to § 925, Penal Code. "Superseded as to San Francisco by c. I of art. V of the charter of that city."-Code Commissioner's Note. ACT 3778. TITLE 278. INTOXICATING LIQUORS. An act declaring all buildings and places nuisances, wherein or upon which any spirituous, vinous, malt or other alcoholic liquor is unlawfully sold, served or given away, or which are used for the purpose of unlawfully selling, serving or giving away such liquors; and providing for the abatement of such nuisances. § 1. § 2. [Approved April 28, 1915. Stats. 1915, p. 236.] Place where liquor unlawfully sold a nuisance. § 3. Abatement procedure. Writ of injunction. § 1. Place where liquor unlawfully sold a nuisance. Every building or place used for the purpose of unlawfully selling, serving or giving away any spirituous, vinous, malt or other alcoholic liquor, and every building or place wherein or upon which such liquors are unlawfully sold, served or given away, is a nuisance which shall be enjoined, abated and prevented as hereinafter provided, whether the same be a public or private nuisance. § 2. District attorney or citizen may bring suit to abate. Whenever there is reason to believe that such nuisance is kept, maintained or exists in any county or city and county, the district attorney of said county or city and county, in the name of the people of the state of California, must, or any citizen of the state resident within said county or city and county, in his own name may, maintain an action in equity to abate and prevent such nuisance and to perpetually enjoin the person or persons conducting or maintaining the same, and the |